/hen the demand curve and supply curve shift in the directions indicated on this graph, you can be certain about the effect on without knowing the magnitude of the shifts.

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
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13. Supply and Demand
Consider the following events: Researchers shows that eating lobsters increases the risk of heart attack, and at the same time, there is a new
regulation that limit the number of lobsters people can fish.
Show the effect of these two events on the market for lobsters.
Supply
Demand
Supply
Demand
Quantity of Lobsters
When the demand curve and supply curve shift in the directions indicated on this graph, you can be certain about the effect on
without knowing the magnitude of the shifts.
Price of Lobsters
Transcribed Image Text:13. Supply and Demand Consider the following events: Researchers shows that eating lobsters increases the risk of heart attack, and at the same time, there is a new regulation that limit the number of lobsters people can fish. Show the effect of these two events on the market for lobsters. Supply Demand Supply Demand Quantity of Lobsters When the demand curve and supply curve shift in the directions indicated on this graph, you can be certain about the effect on without knowing the magnitude of the shifts. Price of Lobsters
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